Market Updates
Tesla Third Quarter Earnings Double, Shanghai Picks Up Pace
Scott Peters
19 Oct, 2022
New York City
Tesla reported third quarter revenue increased 56% to $21.4 billion from $13.7 billion a year ago.
Net income in the quarter doubled to $3.3 billion from $1.6 billion and diluted earnings per share rose to 95 cents from 48 cents a year ago.
In the quarter, free cash flow jumped 148% to $3.3 billion from $1.3 billion a year ago and cash on hand increased to $21.1 billion from $16.09 billion.
Total vehicle production soared 54% to 365,923 units from 237,823 a year ago.
Supercharge stations increased 32% to 4,283 at the end of the third quarter from 3,254 a year ago.
Production at the Shanghai, China facility picked up pace in the third quarter after a production slowdown on the account of zero-Covid policy.
The Shanghai facility has installed production capacity of 750,000 of model 3 and model Y Tesla vehicles and remains a main hub in supplying vehicles to markets outside of North America.
Production facility in Berlin, Germany has an installed capacity of 250,000 Model Y vehicles and now reached weekly production of 2,000 vehicles.
The company guided initial phase of Tesla Semi is scheduled in December 2022.
Tesla closed up 0.8% to $222.04 at the end of the regular trading session and eased 5% to $210.95 in after-hour session and traded near the 2022-low of $209.
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